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Landry’s Inc., the parent of Morton’s steakhouse, Bubba Gump Shrimp and a number of other restaurants, recently introduced the first bitcoin loyalty program in the hospitality space.
Supported by bitcoin startup NYDIG, Landry's Select Club members earn one point back for every $1 spent at any of Landry’s 500 locations, with 250 points translating to a $25 reward. Customers opting into the bitcoin program can track the value of their points and redeem them in $25 reward increments based on market prices.
Trey Zeluff, director of Digital Asset Strategy at Landry's, said in a statement, "We view bitcoin as a good choice for a portion of our own treasury, so we want to offer that choice to our customers as well.”
Covering the launch, The Wise Marketer identified three unique attributes about the program:
- Built into the program format is a value-appreciation factor for customers’ bitcoin points, increasing their relative buying power as they mature as members.
- The program provides an interesting test-case to potentially prove the power of bitcoin made readily available in exchange for quick-access consumer goods, like food.
- The fact that Landry’s Select Club members are comprised of patrons from many different brands provides a fertile wellspring of data to better understand how different demographics and audiences respond to cryptocurrency rewards.
- Landry's and NYDIG Announce Bitcoin Loyalty Rewards – Landry's/ NYDIG
- Bitcoin as Points: Two Notable Loyalty Programs Integrate Cryptocurrency Rewards – The Wise Marketer
- Mastercard and Bakkt partner to offer innovative crypto and loyalty solutions – Mastercard
- Crypto Loyalty Programs are Quickly Garnering Interest – GoBankingRates
- Is it time for retailers to hop on the cryptocurrencies trend? – RetailWire
- Bakkt Study Examines Loyalty & Rewards Preferences of Digital Assets Among U.S. Consumers – Bakkt